UOB One Savings Account: Is it Worth the Hype?

UOB One Savings Account: Is it Worth the Hype?

Competitive Interest Rates with Easy-to-Navigate Bonus Structure

Good for

  • Salaried consumers interested in a UOB credit card
  • People looking for a relatively low-maintenance account
  • Consumers with limited financial product engagements

Bad for

  • Financially-savvy consumers involved with many banking products
  • People with balances below S$60k
  • Consumers who grow their balance size every month

Editor's Rating

4.5/5.0

UOB One Savings Account is a great option for consumers seeking high interest rates without the complicated tracking associated with most multi-product accounts. This account, in fact, bases its rewards simply on salary crediting (or making monthly GIRO debit transactions) and use of a UOB credit card. Despite the simplicity, account holders can earn up to a relatively competitive effective interest rate [EIR] of 1.80% p.a.–meaningfully above the market average. Interest earned peaks for account balances of S$75k, so UOB One is best fit for average consumers with moderate-to-high savings.

ProsCons
  • Relatively high EIR of up to 1.80% p.a.
  • Bonus criteria req. minimal tracking
  • Bonus rates are very accessible (salary crediting, credit card use)
  • Bonus rates depend on balance size
  • Doesn't reward incremental growth
  • Earnings peak at a somewhat high S$75k balance
Promotion: Receive up to S$310 by applying online to both UOB One Account & UOB One Credit Card, then crediting salary to acct
Pros & Cons
Pros:
  • Relatively high EIR of up to 1.80% p.a.
  • Bonus criteria requires minimal tracking
  • Bonus rates are very accessible (salary crediting, credit card use)
  • Promotion: Receive up to S$310 by applying online to both UOB One Account & UOB One Credit Card, then crediting salary to acct
Cons:
  • Bonus rates partially dependent on balance size
  • Doesn't reward incremental growth
  • Earnings peak at a somewhat high S$75k balance

What Makes UOB One Savings Account Stand Out

Average consumers who want to enjoy high interest rates without committing to multiple bank products or spending extra time on financial tracking are likely to benefit from UOB One Savings Account. Account holders earn an easy +0.45% p.a. bonus on top of the 0.05% p.a. base rate just for spending S$500/month with a select UOB Credit Card (UOB One, UOB YOLO, or UOB Lady's). Consumers can then build their interest rate further by crediting a salary of S$2k+ or by making 3 GIRO debit transactions/month.

In the case of salary crediting/GIRO transactions, bonus rates increase with each incremental band of the balance size: the 1st S$15k earns +0.75% p.a. bonus, the next S$15k (amount between S$15k–S$30k) earns +0.80% p.a., the next S$15k (amount between S$30k–S$45k) earns +0.85% p.a., and so on. The highest band (amount between S$60k–S$75k) earns an incredible +3.18% p.a. bonus, which highly incentivises consumers to maintain a peak balance of S$75k (amounts higher only earn at base rate). As a result, UOB One Account is best for moderate-to-high savers, who are most likely to meet requirements and earn the maximum EIR of 1.80% p.a.

UOB One Savings Account Interest Rates

Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.05% p.a.
Credit Card Bonus
  • Spend S$500/month on UOB One,
  • UOB YOLO, or UOB Lady's credit card
  • (Bonus interest added to base rate)
+0.45% p.a.
Salary/GIRO Bonus
  • Credit S$2k+ salary to account or
  • make 3 GIRO debit transactions per month
  • (Bonus rates added to base rate &
  • applied to specific band of balance)
+0.75% p.a. on first S$15k
+0.80% p.a. on next S$15k
+0.85% p.a. on next S$15k
+0.90% p.a. on next S$15k
+3.18% p.a. on next S$15k
Max Effective Interest Rate:1.80% p.a. (at S$75k balance)
Promotional rates, if any, are not included
UOB One Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Credit Card Bonus: Spend S$500/month on UOB One, UOB YOLO, or UOB Lady's Card (bonus interest added to base rate)
  • +0.45% p.a.
Salary/GIRO Bonus: Credit S$2k+ salary to account or make 3 GIRO debit transactions per month (bonus rates added to base rate & applied to specific band of balance)
  • +0.75% p.a. on first S$15k
  • +0.80% p.a. on next S$15k
  • +0.85% p.a. on next S$15k
  • +0.90% p.a. on next S$15k
  • +3.18% p.a. on next S$15k
UOB One Card
  • Annual Fee: S$192.6
  • Stand-Out: Highest flat rebate on the market, earn up to $300/quarter
  • Promotion: Receive S$150 cash credit w/ S$1.5k spend in 1st mo (first 800 sign-ups) via our partnership w/ SGSaver
  • Read Our Full Review

UOB YOLO Card
  • Annual Fee: S$192.6
  • Stand-Out: Up to 8% rebate on weekend dining, entertainment & Grab
  • Promotion: Receive S$150 cash credit w/ S$1.5k spend in 1st mo (first 800 sign-ups) via our partnership w/ SGSaver
  • Read Our Full Review

UOB One Card

  • Annual Fee: S$192.6
  • Stand-Out: Highest flat rebate on the market, earn up to $300/qtr
  • Promotion: Receive S$150 cash credit w/ S$1.5k spend in 1st mo (first 800 sign-ups) via our partnership w/ SGSaver
  • Read Our Full Review

UOB YOLO Card

  • Annual Fee: S$192.6
  • Stand-Out: Up to 8% rebate on dining, entertainment & Grab
  • Promotion: Receive S$150 cash credit w/ S$1.5k spend in 1st mo (first 800 sign-ups) via our partnership w/ SGSaver
  • Read Our Full Review

UOB One Savings Account does have a few drawbacks. While it's maximum EIR is still quite high by market standards, consumers can potentially earn higher rates with more complex accounts. Such accounts tend to offer additional ways to earn bonus rates, such as engaging with bank products (like loans and investments) or consistently growing their balance. In some cases, multi-product accounts–like OCBC 360 Account–offer a higher EIR for identical consumer behavior, while also providing the opportunity for added rewards with expanded involvement.

Interest Earned for 1 Month Under Identical Criteria

AccountDetails / Criteria MetEIR AchievedInterest Earned
UOB One
  • Balance: S$75k
  • Salary Credit: S$2k
  • Credit Card Spend: S$500
1.80% p.a.S$114.40
OCBC 3602.80% p.a.S$178.36
Assumes no incremental growth in balance size from previous month, plus no additional bonus criteria met for OCBC 360 Account

Even still, moderate-to-high savers seeking high rates without added hassle can benefit from UOB One Account. When all required criteria are met, at a balance of S$75k, consumers earn a competitive S$114 interest in just 1 month. This is higher than the amount attainable with many other accounts under the same conditions.

UOB One Savings Account Details & Requirements

Details & Requirements
Minimum Age Requirement18
Minimum Initial DepositS$1,000
Minimum Balance RequirementS$1,000
Fall-Below FeeS$5

How Does UOB One Savings Account Compare to Other Accounts?

Read our comparisons of UOB One Savings Account with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

UOB One Savings Account has a higher maximum effective interest rate than the market standard

UOB One Savings Account v. OCBC 360 Savings Account

Consider this if you're a consistent saver with a stable budget

Min. Age Requirement 18
Min. Initial Deposit S$1,000
Min. Balance Requirement S$3,000

If you have a fixed, dependable budget and consistent saving behaviour, you may be able to maximise interest earned with OCBC 360 Savings Account. This account–which also favors product engagement–offers top bonus rates for consistent deposits, salary crediting, OCBC credit card use, and engaging with OCBC insurance or investments. Peak interest is reached at S$70k balance, with a maximum EIR of 3.35% p.a.–one of the highest on the market.

While there are many options to earn bonuses, each can be unlocked individually–meaning consumers can still earn high rates just for crediting their salary and spending with a credit card. This is ideal for individuals who don't want to engage with banking products now, but may be interested down the road. UOB One Account, however, may be a better match for those seeking a simpler account without potentially confusing "extras."

Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.05% p.a.
Grow Bonus
  • Maintain balance of at least S$200k
  • (Bonus interest added to base rate)
+0.80% p.a. on first S$70k
Step-Up Bonus
  • Deposit at least S$500/month
  • (Bonus interest added to base rate & applied
  • to specific band of balance)
+0.20% p.a. on first S$35k
+0.40% p.a. on next S$35k
Spend Bonus
  • Spend S$500/month on OCBC credit card
  • (Bonus interest added to base & applied to
  • specific band of balance)
+0.20% p.a. on first S$35k
+0.40% p.a. on next S$35k
Salary Bonus
  • Credit S$2k+ salary to account via GIRO
  • (Bonus rates added to base rate & applied
  • to specific band of balance)
+1.20% p.a. on first S$35k
+2.40% p.a. on next S$35k
"Wealth" Bonus
  • Insure or invest with OCBC Bank
  • (Bonus rates added to base rate & applied
  • to specific band of balance)
+0.60% p.a. on first S$35k
+1.20% p.a. on next S$35k
Max Effective Interest Rate:3.35% p.a. (at S$70k balance)
Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive. Promotional rates, if any, are not included
OCBC 360 Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Grow Bonus: Maintain balance of at least S$200k (bonus interest added to base rate)
  • +0.80% p.a. on first S$70k
Step-Up Bonus: Deposit at least S$500/month (bonus interest added to base rate & applied to specific band of balance)
  • +0.20% p.a. on first S$35k
  • +0.40% p.a. on next S$35k
Spend Bonus: Spend S$500/month on OCBC credit card (bonus interest added to base & applied to specific band of balance)
  • +0.20% p.a. on first S$35k
  • +0.40% p.a. on next S$35k
Salary Bonus: Credit S$2k+ salary to account via GIRO (bonus rates added to base rate & applied to specific band of balance)
  • +1.20% p.a. on first S$35k
  • +2.40% p.a. on next S$35k
"Wealth" Bonus: Insure or invest with OCBC Bank (bonus rates added to base rate & applied to specific band of balance)
  • +0.60% p.a. on first S$35k
  • +1.20% p.a. on next S$35k
Max Effective Interest Rate:
  • 3.35% p.a. (at S$70k balance)
Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive

UOB One Savings Account v. Maybank SaveUp Savings Account

Consider this if you're a moderate saver in charge of the household

Min. Age Requirement 16
Min. Initial Deposit S$500 for Singaporeans & PR, S$1,000 for foreigners
Min. Balance Requirement S$1,000

Average consumers with broader financial responsibilities can easily earn top interest rates with Maybank SaveUp Savings Account. Account holders earn high base rates of up to 0.3125% p.a. (compared to the market norm of 0.05% p.a.), plus bonuses of up to +2.75% p.a. for engaging with Maybank financial products. These products include salary crediting / GIRO payments, credit card spend, Maybank insurance, a variety of loans (home, renovation, education, car) as well as investments. Maybank SaveUp Savings Account especially stands out as interest peaks with a 3.00% p.a. EIR at just S$50k balance, which is quite reasonable for the average consumer. Individuals who aren't interested in multi-product engagement, however, may earn more with UOB One Account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.1875% p.a. on 1st S$3k
0.25% p.a. on next S$47k
0.3125% p.a. beyond S$50k
Product Bonus
  • Use at least 1 Maybank service or product,
  • ie loan, insurance, investment, credit card etc.
  • (Bonus interest based on number of products
  • & applied to entire balance, up to 1st S$50k)
+0.30% p.a. for 1 product
+0.8% p.a. for 2 products
+2.75% p.a. for 3+ products
Max Effective Interest Rate:3.00% p.a. (at S$50k balance)
Promotional rates, if any, are not included
Maybank SaveUp Savings Account Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 0.1875% p.a. on 1st S$3k
  • 0.25% p.a. on next S$47k
  • 0.3125% p.a. beyond S$50k
Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
  • +0.30% p.a. for 1 product
  • +0.8% p.a. for 2 products
  • +2.75% p.a. for 3+ products

UOB One Savings Account v. DBS Multiplier Account

Consider this if you're a high-earning DBS loyalist with financial savvy

Min. Age Requirement 18
Min. Initial Deposit S$0
Min. Balance Requirement S$3,000

Consumers with high financial involvement and who are comfortable tracking multiple products and monthly transactions may benefit substantially from DBS Multiplier Account. Interest is based on balance size, product engagement, and monthly volume of such product transactions. For example, consumers can boost their rates through engagement with DBS credit cards, loans, insurance, and investments. Rate increases are also tied to transactional volume, with higher rates awarded to larger volumes. The intersection of these factors, plus the influence of balance size, can result in a bonus structure that is quite complicated and difficult to follow. However, those who meet peak criteria in all categories can earn the highest maximum EIR on the market, up to 3.65% p.a. (at S$100k balance). Average consumers seeking an easier-to-understand account are likely to prefer UOB One Account.

DBS Multiplier Interest Rate Grid
Transactions/Mo
  • 1 Category
  • (first S$25k)
  • 2-3+ Categories
  • (first S$50k)
  • 3+ Categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k1.40%1.80%2.00%
S$2.5k – below S$5k1.60%2.00%2.20%
S$5k – below S$15k1.80%2.20%2.40%
S$15k – below S$30k1.90%2.30%2.50%
S$30k+2.00%3.50%3.80%
  • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
  • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
  • Salary and/or dividends must be credited to account to qualify for bonus interest
Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
Promotional rates, if any, are not included
DBS Multiplier Interest Rate Grid
Transactions/Mo
  • 1 Category
  • (first S$25k)
  • 2-3+ Categories
  • (first S$50k)
  • 3+ Categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k1.40%1.80%2.00%
S$2.5k – below S$5k1.60%2.00%2.20%
S$5k – below S$15k1.80%2.20%2.40%
S$15k – below S$30k1.90%2.30%2.50%
S$30k+2.00%3.50%3.80%
  • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
  • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
  • Salary and/or dividends must be credited to account to qualify for bonus interest
Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
Promotional rates, if any, are not included
Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, specialising in credit cards in Singapore. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research.

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